In view of the public outcry against CBN's directive to increase approved bank charges with effect from May 1 2017, Consumer Advocacy Foundation of Nigeria CAFON is set to launch another consumer protest tagged #CloseOneMillionBankAccountsIn2017. The aim is to mobilse Nigerian consumers to resist what it described as “excessive charges’’ by Nigerian banks. The Consumer Advocacy NGO initiated the #NoBankingDay...
MTN
Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group, 7 billion francs (8.5 million dollars) for running its IT services outside the country in breach of its licence. The regulator said in a ruling posted on its website in Kigali that MTN Rwanda was hosting its IT services hub in Uganda, which it had...
Toyota
The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, has lamented the poor vehicle sales recorded in the country in the first quarter of the year which fell to an all time low of 2,000 vehicles within the period. Briefing newsmen at their Lekki, Lagos office during their quarterly meeting, the managing director disclosed that the total sales...
billion
Guinness Nigeria Plc has recorded a nine-month pre-tax loss of N2.46 billion. The company raked in a revenue of N89.87 billion for nine months ending March 2017 as against N69.62 billion recorded a year ago. It posted a loss of N2.46 billion loss in nine months as against a profit of N1.20 billion a year ago.  
tax
A major crackdown on tax evaders is on the way, Finance Minister Kemi Adeosun said yesterday. They will be named and shamed – in a desperate move to improve the tax to Gross Domestic Product (GDP) ratio and expose evaders. The minister, who spoke at the end of the 2017 IMF/World Bank Spring Meetings in Washington, said Nigeria has the worst...
CBN
CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. The apex bank had directed banks to charge 5% and 10% for deposits and withdrawals above N40m in the corporate category. The bank had fixed 1.5% and 2% for deposits ranging from N500,000 and N1 million in the individual category. But in the circular signed by...
CAC
The Registrar-General, Corporate Affairs Commission (CAC), Mr Mahmud Bello, says the commission has started operating 24 hours company registration process to make startup of business easier in Nigeria. Bello said this at the CAC Customers’ Forum in Kano, organised in collaboration with the Presidential Enabling Business Environment Council (PEBEC). The registrar-general made this known in a statement on Tuesday in Abuja He...
fraudster
A suspected fraudster, John Eze, has been arrested by the Zone 2 Police Command, Onikan, Lagos State, for allegedly defrauding a Bureau De Change operator, Ismaila Ali, in Ikoyi area. It was learnt that 34-year-old Eze had approached Ali sometime in January 2017, to exchange the sum of $7,000 for the naira equivalent.Ali was said to have paid Eze N3,451,000,...
The naira on Tuesday gained further grounds against the US dollar as it closed at N457 at the black market, after the Central Bank of Nigeria (CBN) sold a total of $195 million in forwards. BusinessDay prices checks show that naira traded at N457 per dollar at the Lagos international airport and Apapa respectively. At the Festac area of Lagos, the foreign...
kemi at 50
The Minister of Finance, Mrs. Kemi Adeosun, has urged the Central Bank of Nigeria(CBN) to extend Bank Verification Number(BVN) requirement to account holders in Microfinance Banks. She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates.

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